Bulletin No. 2008-32 August 11, 2008

T.D. 9406, page 287. REG–138355–07, page 311. Final, temporary, and proposed regulations under section 956 of the Code determine the basis in property acquired by a controlled foreign corporation as a result of certain transactions that otherwise qualify for nonrecognition treatment.

Notice 2008–67, page 307. This notice explains how to claim the 50% additional first year depreciation provided by sections 15345(a)(1) and (d)(1) of the Food, Conservation, and Energy Act of 2008 for qualified Recovery Assistance property placed in service by the taxpayer in the Kansas disaster area on or after May 5, 2007, during the taxable year that includes May 5, 2007. The notice also explains how to elect not to claim that 50% additional first year depreciation if a taxpayer so chooses.